What Will Replace the Dollar

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New Jim Rickards Interview

The IMF, E.U. Central bank, and Federal Reserve are openly moving towards a new world reserve currency. It’s a plan they probably hope to implement over the next ten years, however, they are already preparing in case a crisis takes over the world that creates a scenario where the central banks themselves need the bailout.

Jim, who has advised the Pentagon on the first ever financial war games, says it’s not even a secret or a conspiracy. The IMF, in their reports, and even on their website, clearly show the plan to replace the U.S. dollar as the reserve currency.

Major economic powerhouses, like China, are already buying bonds for the currency that will replace the dollar standard.

Created in 1969 by the IMF, the SDR (Special Drawing Rights) currency is already an active player behind the scenes and will be used to bail out the Federal Reserve and other central banks.

Jim put it this way: it’s the only currency left that hasn’t been diluted and recklessly used for bailouts, so it’s the perfect currency to execute the mother of all bailouts for a coming crisis that will devastate the world for years.

A 42-page IMF paper published in January 2011 with the innocuous-sounding title, “Enhancing International Monetary Stability — A Role for the SDR?” lays out what Rickards describes as “A multiyear, multistep plan to position the SDR as the leading global reserve asset. The study recommends increasing the SDR supply to make them liquid and more attractive to potential private-sector market participants, such as Goldman Sachs and Citigroup…

The IMF study recommends that the SDR bond market replicate the infrastructure of the U.S. Treasury market, with hedging, financing, settlement, and clearance mechanisms substantially similar to those used to support trading in Treasury securities today.”

In Jim’s new book, The Road to Ruin, he writes that the reason gold is suppressed by the elites is for the express purpose of making sure China can accumulate as much of the metal as possible cheaply. The elites are doing a step-by-step re-balancing to lay the groundwork for the SDR to become the chief asset of the world.

If you recall, just a month ago, the Chinese yuan became an official currency that is being used to support the SDR.